TL;DR Breakdown
- Tezos price analysis is bearish today.
- XTZ/USD is currently trading at $4.2.
- The strongest support is present at $3.8.
Tezos price analysis is bearish because the cryptocurrency has been volatile for the past several days. The market has been taken over by bears, with the value dropping from $4.2 on January 10, 2022, and bottoming out at $4.06 on January 11, 2022; today’s bearish market conditions are slightly different. With bearish dynamics, the price of XTZ is presently trading at $4.06, just below the psychological barrier of $4.1. The
support at $3.8 is relatively strong, but with the current bearish trading conditions, that price could be breached by a bit of selling pressure. The XTZ price analysis suggests that bulls are not in control, at least for now.
XTZ/USD 4-hour price analysis: Market shows bullish potential
The MACD is also bearish, with the moving averages at 4.11 and -4.22 levels, which further clears any chances of a bullish market for XTZ/USD soon. The Relative Strength Index (RSI) is currently reading 46 but considering that this publication’s opening paragraph stated that XTZ/USD is trading below the psychological barrier of $4.1; clearly, bears are dominating this market as well.
Visible from the price analysis, XTZ/USD breached its resistance level of $5 on January 9, 2022; however, instead of gaining bullish momentum to rally above the next resistance level at $7, the market was overpowered by bears. With XTZ having breached its resistance level of $5, bulls would need to demonstrate their dominance to allow for a rally above the next resistance level at $7; however, even that would not guarantee that XTZ/USD will remain in a bullish trend.
The volume indicator is showing 55, which means that XTZ/USD is seeing little demand at the moment. A break above $4.1 could mean that bulls are in charge of this market; otherwise, look for the next support level below $3.8.
The RSI score of 43 implies that the cryptocurrency does not fall to either end. The activity on the market is equal to the activity on the market. As a result, we can observe a dormant, straight movement in the RSI score.
Tezos Price Analysis: Conclusion
The Tezos price analysis revealed that the price is still under bearish domination, perhaps for a more extended than previously thought. Still, because the bulls have recovered some of their losses in recent days, a reversal trend appears increasingly likely. Although the price remains in negative dominance, there is optimism that XTZ will recover soon as it did today.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
